Terms and Conditions...

The Debt Factoring Agreement...

1. The assignor shall sell and assign and the factor shall purchase on the terms and condition hereinafter set out the debts which may from time to time become owing to the assignor whether from customers, insurers or other indemnifies (the payer) in respect of goods supplied or services rendered by the assignor (provided that the assignor shall not be bound to sell any debt and the factor shall not be bound to purchase any debt). 2. The assignor by submitting an invoice (together with a letter of authority and a Satisfaction Note appertaining to that invoice) to the factor shall be demand to have sold and assigned the debt evidence by the invoice to the factor on the date and the time at which the said invoice is received by the factor at his place of business (subject to the amendment of errors and omissions on the face of the said invoice). The factor additionally reserves the right to call for the estimate originally produced to the payer. 3. As of the date and time of the said assignment all rights of the assignor in respect of every debt so evidence and all remedies and rights for enforcing the same in relation to the goods or services in demand to have been assigned to the factor by the assignor. 4. On receipt of the said invoice the factor will pay by way of cheque or bank giro transfer the invoiced sum less such percentage as the parties may from time to time agree by way of the factor's commission. 5. The assignor hereby warrants: (a) The debts shall be bonafide debts owing to the assignor (b) The assignor shall not have assigned the debt to a third party (c) The payer who the debt is owing shall not have sought to dispute, repudiate or rescind the debt or to set off or counter claim in respect of it.